The journey of digital transformation has been a critical focus for financial institutions (FIs). While considerable progress has been made in digitising compliance and operational processes, a significant challenge remains: addressing Financial Crime comprehensively.
Fenergo, which offers SaaS-based solutions to empower financial institutions to transform the client experience, recently delved into how its CLM and transaction monitoring capabilities help fight financial crime throughout the client lifecycle.
It stated that traditional approaches often overlook the crucial link between a client’s expected and actual behaviour, leading to inadequacies in transaction monitoring. The modern financial landscape, marked by real-time payments and diverse payment methods, demands a more vigilant approach to ensure clients adhere to global laws. A fragmented view of clients, caused by data spread across different systems and outdated technology, can hinder effective monitoring, increasing operational and compliance burdens.
Fenergo steps in with its Client Lifecycle Management solution, integrated with Transaction Monitoring capabilities, to combat money laundering and terrorist financing. This SaaS-native solution is built on the latest cloud technologies, offering flexibility, scalability, and security.
Fenergo’s API-first design allows for smooth integration into existing ecosystems. The solution also provides an optimized digital onboarding experience for clients. The blend of rule-based and AI-optimized features streamlines operations for compliance teams, while a user-friendly UI ensures adaptability to changing market conditions and client needs. Fenergo’s system aids in identifying discrepancies in client behaviour, thereby facilitating efficient reporting to Financial Intelligence Units (FIUs).
Achieving a 360° Client View with Fenergo Integrating CLM and Transaction monitoring, Fenergo provides FIs with a comprehensive view of their clients. This unified view encompasses client data, documentation, KYC information, trading products, account details, and transactional behaviour. Such comprehensive visibility ensures full transparency in client management throughout their lifecycle.
Enhancing Risk Management With Fenergo’s CLM, FIs can effectively gauge client risk profiles considering various factors like geography, industry, and entity type. Adding transaction behaviour into the mix offers a more complete understanding of a client’s risk, aiding in better, data-driven business decisions.
Continuous Monitoring for Enhanced Compliance Monitoring client transactions is a continuous process in Fenergo’s system. Any flagged suspicious activity is promptly investigated and reported. This continuous monitoring also updates the client’s risk profile in real-time, maintaining an up-to-date view of each client.
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